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March 20, 2019
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SOUTHERN CALIFORNIA NEWS
Archive
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• Moreno Valley Jerome’s Furniture Sells for over $7 Mil
2/21/19
A 40k sf Jerome’s Furniture-leased retail space in Moreno Valley sold for $7.32 mil ($183/sf). Jerome’s has 14 years left on their lease term, with three five-year options to renew. The property, located at 12500 Day St, is...
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• Blatteis & Schnur Inc Buy 15k sf Property along Santa Monica’s Third Street Promenade
2/21/19
Blatteis & Schnur Inc has acquired 1404-1408 3rd Street, a mixed-use building totaling 14.6k sf of office and retail space along the Third Street Promenade in Santa Monica, for $24.5 mil ($1,678/sf). The buy was financed with...
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• Irvine Ranch Water District Breaks Ground on Irvine Creative Office Project
2/20/19
Irvine Ranch Water District has broken ground on a new 70k sf, creative office community in Irvine. Named The Source H˛O as a creative identifier to the project location, the two-story, state-of-the-art office campus at 15550...
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• Driverless Car Company Cruises into Pasadena
2/20/19
San Francisco-based driverless car company, GM Cruise, agreed to an $11.4 mil lease for 47k sf of office space in Pasadena. Located at 465 N. Halstead St, the two-story low-rise office building sits in the amenity-rich area o...
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• OC Biz Park Trades in $22 Mil Transaction
2/20/19
Alere Property Group paid $21.95 mil for North Orange Industrial Park, a 139k sf ($158/sf) industrial business park in the city of Orange, in an off-market transaction. The property is located at 1481-1497 N. Main St and 1203...
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• STC Management Closes $80 Mil OC Retail Acquisition
2/20/19
STC Management has acquired Anaheim GardenWalk, a 430k sf destination mixed-use entertainment center within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, in a deal valued at $80 mil ($186/...
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• Rexford Industrial Realty Closes $106 Mil SoCal Biz Park Buy
2/19/19
In a major industrial acquisition from a few weeks ago, Rexford Industrial Realty Inc purchased Conejo Spectrum Business Park, a nine-building, 531.4k sf industrial park in Thousand Oaks, for $106.3 mil ($200/sf). The complex...
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• Spaces Takes More Space in Santa Monica
2/19/19
Coworking firm Spaces inked a lease for 69.2k sf at The Water Garden in Santa Monica. Terms of the deal were nto disclosed. The creative office campus sits within the Silicon Beach area and recently underwent an extensive, m...
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• Construction Quick Take
2/18/19
Lowe Enterprises is well underway with construction of the highly-anticipated Ivy Station, a 500k sf, mixed-use project adjacent to the Culver City Station of the Metro Expo light-rail line, connecting downtown Los Angeles to...
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• Relevant Group’s 190-Room Boutique Hollywood Hotel Planned for Completion in 2020
2/18/19
Construction is underway on the Thompson Hotel, a 190-room hotel project in Hollywood. Construction of the luxury, boutique hotel, a development of Relevant Group, is being financed with a $63 mil loan provided by Calmwater C...
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• Culver City Office Complex has Seen 97k sf in Leasing Activity since Redevelopment over Two Years Ago
2/15/19
There has been $21.4 mil and 97k sf in leasing activity at The Courtyard, a newly renovated Class A creative office campus in Culver City, over the past two and a half years since it was acquired by LA-based Olive Hill Group....
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• Caribou Industries Looking to Start Major Office Redevelopment within the Santa Ana Opportunity Zone
2/14/19
Santa Ana-based Caribou Industries has announced plans for a 1.7 msf office development at the former Orange County Register building called 625IVE, and One Broadway Plaza, within the Santa Ana Opportunity Zone. Caribou has e...
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• Older San Diego Apartment Property Fetches $18 Mil
2/14/19
Willow Glen Apartments, a 97-unit multifamily property in San Diego, has sold for $17.9 mil ($184.5k/unit). The property is located at 3635-75 College Ave, east of I-15 and north of Hwy 94 in the Rolando section of the city. ...
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• Optimus Properties Exchanges $15.75 Mil in Torrance Office Building
2/14/19
Optimus Properties LLC paid $15.75 mil for a 60.8k sf office building in Torrance, as part of a 1031 exchange. The property, located at 2325 Crenshaw Blvd, was sold by an affiliate of Transpacific Development Company. The pr...
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• Carlsbad Flex Building Trades Hands in $2.55 Mil Transaction
2/13/19
A 14.6k sf, freestanding multi-tenant flex/industrial property in Carlsbad has been acquired by a private investor for approximately $2.55 mil, or $175/sf. The single-story building is located at 2768 Loker Ave, east of El Ca...
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• Global Medical REIT Spends Over $17 Mil on Inland Empire Medical Office Building
2/13/19
Global Medical REIT paid $17.2 mil for Corona Main Medical Plaza, a 41.8k sf ($411/sf) medical office building in Corona. Constructed in 2009, Corona Medical Plaza is 100% leased and is located at 2250 S Main St, in the heart...
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• San Diego Apartment Sales Comp Comes in at $125k/Unit
2/13/19
A 20-unit apartment complex in San Diego’s City Heights neighborhood sold for $2.5 mil, or $125k/unit. The 11.9k sf property is situated on a 23k sf lot at 4348 53rd St, east of I-15 and just south of El Cajon Blvd. Constru...
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• Two SoCal Restaurant Properties Sold in Deals Worth over $5 Mil
2/13/19
Two SoCal QSR restaurants have sold in recent deals with a combined value of $5.3 mil. The transactions were for a Panera Bread in Lake Elsinore and a DogHaus Restaurant & Brewery in Vista. Panera Bread, a newly constructed ...
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• IDS Real Estate Group and Lionstone Investments Spend $76.8 Mil on Four Office Buildings in San Diego
2/12/19
A partnership between IDS Real Estate Group and Lionstone Investments has acquired four Class A office buildings totaling 181.2k sf within the Liberty Station mixed-use development in San Diego for $76.8 mil ($424/sf). The as...
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• Sun Valley Apartment Property Goes for $192k/Unit
2/12/19
A 26-unit apartment complex in Sun Valley exchanged in a $5 mil ($192.3k/unit) transaction. At the time of the sale there was a federal tax lien along with a deed of trust which hadn’t been reconveyed. The property is locat...
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